Hornby PLC AGM Statement (8857B)
September 26 2018 - 1:00AM
UK Regulatory
TIDMHRN
RNS Number : 8857B
Hornby PLC
26 September 2018
26 September 2018
Hornby PLC
("Hornby" or "the Group")
AGM Trading Statement
Hornby Plc, the international models and collectibles group, is
today issuing the following trading statement ahead of the Group's
Annual General Meeting.
Trading and Outlook
For the period from 1 April to 31 August; sales have been lower
than both internal budgets and prior year performance due to a lack
of discounting, an excess of stock in the supply chain from the
previous strategy and late deliveries due to orders being placed
late last year.
However, the discontinuation of discounting has improved gross
margins. In addition, as outlined in the Annual report, our focus
on frugality and doing more with less has resulted in a smaller
operating loss compared with last year, despite the lower than
expected sales performance.
The balance sheet also remains strong. As of the 31 August, the
Group was in a net cash position.
The line plans for next year are complete, 6 months ahead of
last year. This will help to get more product to market in time and
in full for 2019. This pipeline of products includes some very
exciting releases in both the toy and hobby spaces combined with
excellent licensing deals such as the Warner Bros one announced
last week.
The outcome for the full year is subject to the sales rate over
the key Christmas trading period as we rebuild trust and excess
stock starts to clear in retail stock rooms. Our ability to receive
products in time as we repair our supply chain is also a factor
that will influence the rest of the year.
As it currently stands, the trading outlook is in line with the
Board's expectations.
Lyndon Davies, CEO, commented: "Much has changed at Hornby over
the last 12 months. The business is leaner and the improvement to
our planning horizons are well advanced. More detail will be
disclosed on the progress being made when the Group announces its
interim results for the half year to 30 September in
mid-November."
Enquiries:
Hornby plc
Lyndon Davies, CEO 01843 233 500
Liberum
Andrew Godber 020 3100 2222
Richard Bootle
Neil Patel
Capital Access Group
Scott Fulton 020 3763 3400
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
AGMSEFFFIFASEIU
(END) Dow Jones Newswires
September 26, 2018 02:00 ET (06:00 GMT)
Hornby (LSE:HRN)
Historical Stock Chart
From Apr 2024 to May 2024
Hornby (LSE:HRN)
Historical Stock Chart
From May 2023 to May 2024